Bloomberg Law
April 13, 2016, 11:52 PM UTC

Are Lawyers Secretly Happy Regulators Rejected Big Banks’ ‘Living Wills’?

Blake Edwards

Federal regulators announced on Wednesday they had rejected five big banks’ resolution plans, which detail how the banks would handle a bankruptcy without disturbing the wider economy, sparking discussions about whether major financial institutions still face the threat of break-up by the government.

What does this mean for law firms? One would think, a whole lot more business. But if that’s the case, law firms aren’t talking. A handful of firms, including Covington & Burling, Sullivan & Cromwell and Sidley Austin, declined requests for comment on Wednesday. A lawyer at Arnold & Porter pointed to client confidentiality.

There were a lot of Big ...

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